MSA Safety第二季銷售增6.2%至5.03億美元 純利大升37%

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q 
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 2026 
or 
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 1-15579 
 
MSA SAFETY INCORPORATED
(Exact name of registrant as specified in its charter)
 

Pennsylvania46-4914539
(State or other jurisdiction of
incorporation or organization)(IRS Employer
Identification No.)

1000 Cranberry Woods Drive
Cranberry Township,Pennsylvania16066-5207
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (724) 776-8600 
Former name or former address, if changed since last report: N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes  x   No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
 

Large Accelerated FilerxAccelerated filer¨Non-accelerated filer¨Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   No  x
Securities registered pursuant to Section 12(b) of the Act: 

Title of each classTrading Symbol(s)Name of each exchange on which is registered
Common Stock, no par valueMSANew York Stock Exchange

As of July 24, 2026, 38,578,289 shares of common stock, of the registrant were outstanding. 

Table of Contents

Item No.Page
Part I
1.Financial Statements
3

Condensed Consolidated Statements of Income (unaudited)
3

Condensed Consolidated Statements of Comprehensive Income (unaudited)
4

Condensed Consolidated Balance Sheets (unaudited)
5

Condensed Consolidated Statements of Cash Flows (unaudited)
6

Condensed Consolidated Statements of Changes in Retained Earnings and Accumulated Other Comprehensive Loss (unaudited)
7

Notes to Condensed Consolidated Financial Statements (unaudited)
8

2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
25

3.Quantitative and Qualitative Disclosures About Market Risk
36

4.Controls and Procedures
36

Part II
2.Unregistered Sales of Equity Securities and Use of Proceeds
37

6.Exhibits
37

Signatures
38

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited

Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share values)2026202520262025
Net sales$503,327 $474,116 $966,959 $895,456 
Cost of products sold254,036 253,406 498,088 481,351 
Gross profit249,291 220,710 468,871 414,105 

Selling, general and administrative114,073 112,078 221,756 206,042 
Research and development19,154 16,996 35,509 32,665 
Restructuring charges (Note 4)2,209 488 4,538 2,412 
Currency exchange losses, net1,896 5,286 2,095 9,363 

Operating income111,959 85,862 204,973 163,623 

Interest expense7,951 8,116 15,654 14,951 

Other income, net(7,379)(5,000)(15,060)(12,022)
Total other expense, net572 3,116 594 2,929 

Income before income taxes111,387 82,746 204,379 160,694 
Provision for income taxes (Note 11)25,193 19,973 46,916 38,316 
Net income$86,194 $62,773 $157,463 $122,378 

Earnings per share attributable to common shareholders (Note 10): 
Basic$2.23 $1.60 $4.06 $3.11 
Diluted$2.23 $1.59 $4.05 $3.10 
Dividends per common share$0.54 $0.53 $1.07 $1.04 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
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MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited

Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2026202520262025
Net income$86,194 $62,773 $157,463 $122,378 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments (Note 7)(2,188)44,143 (8,262)66,680 
Pension and post-retirement plan adjustments, net of tax (Note 7)313 242 641 443 
Unrealized gains (losses) on cash flow hedges (Note 7)110 — (45)— 

Reclassification from accumulated other comprehensive loss into net income (Note 7)(33)— (33)— 
Total other comprehensive (loss) income, net of tax(1,798)44,385 (7,699)67,123 
Comprehensive income$84,396 $107,158 $149,764 $189,501 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
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MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited 

(In thousands)June 30, 2026December 31, 2025
Assets
Cash and cash equivalents$200,057 $165,067 
Trade receivables, less allowance for credit loss of $10,434 and $10,286
347,877 306,452 
Inventories (Note 5)350,119 343,035 

Prepaid expenses and other current assets 36,787 54,738 
Total current assets
934,840 869,292 

Property, plant and equipment, net (Note 6)276,691 283,063 
Operating lease right-of-use assets, net54,913 56,930 
Prepaid pension cost (Note 16)291,214 279,450 
Deferred tax assets (Note 11)20,305 20,991 
Goodwill (Note 14)726,055 731,592 
Intangible assets, net (Note 14)285,721 299,127 

Other noncurrent assets11,772 13,929 
Total assets
$2,601,511 $2,554,374 

Liabilities
Notes payable and current portion of long-term debt (Note 13)$8,096 $8,225 
Accounts payable123,632 110,775 
Employees’ compensation49,381 57,640 

Other current liabilities107,790 112,571 
Total current liabilities
288,899 289,211 

Long-term debt, net (Note 13)591,648 572,709 
Pensions (Note 16) and other employee benefits140,535 143,834 
Noncurrent operating lease liabilities43,764 46,151 
Deferred tax liabilities (Note 11)126,747 127,540 
Other noncurrent liabilities8,261 7,917 
Total liabilities
$1,199,854 $1,187,362 

Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 8)
$3,569 $3,569 
Common stock, no par value (Note 8)
352,597 343,842 
Treasury shares, at cost (Note 8)(567,308)(484,848)
Accumulated other comprehensive loss (Note 7)(49,480)(41,781)
Retained earnings1,662,279 1,546,230 

Total shareholders’ equity
1,401,657 1,367,012 
Total liabilities and shareholders’ equity
$2,601,511 $2,554,374 
    

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
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MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
Unaudited

Six Months Ended June 30,
(In thousands)20262025
Operating Activities
Net income$157,463 $122,378 
Depreciation and amortization37,674 34,350 

Stock-based compensation (Note 12)11,621 7,999 
Pension income (Note 16)(8,756)(6,917)
Deferred income tax benefit (Note 11)— (307)
Loss on asset dispositions, net388 892 
Pension contributions (Note 16)(4,458)(3,729)
Currency exchange losses, net2,095 9,363 

Changes in:
Trade receivables(41,234)(37,070)
Inventories (Note 5)(6,421)(11,147)
Accounts payable12,651 12,916 
Other current assets and liabilities7,951 (831)
Other noncurrent assets and liabilities2,089 1,154 
Cash Flow From Operating Activities171,063 129,051 
Investing Activities
Capital expenditures(23,260)(40,118)
Acquisitions, net of cash acquired (Note 15)— (187,774)

Property disposals and other investing36 19 
Cash Flow Used in Investing Activities(23,224)(227,873)
Financing Activities

Proceeds from long-term debt (Note 13)796,000 600,686 
Payments on long-term debt (Note 13)(775,240)(435,466)
Debt issuance costs— (3,064)
Cash dividends paid(41,414)(40,881)
Company stock purchases (Note 8)(86,396)(48,875)
Exercise of stock options (Note 8)23 497 
Employee stock purchase plan (Note 8)1,079 1,082 

Cash Flow (Used in) From Financing Activities(105,948)73,979 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6,577)7,692 
Change in cash, cash equivalents and restricted cash35,314 (17,151)
Beginning cash, cash equivalents and restricted cash165,992 165,097 
Ending cash, cash equivalents and restricted cash$201,306 $147,946 

Supplemental cash flow information:
Cash and cash equivalents$200,057 $146,988 
Restricted cash included in prepaid expenses and other current assets1,249 958 
Total cash, cash equivalents and restricted cash$201,306 $147,946 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
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MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN RETAINED EARNINGS 
AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Unaudited

(In thousands, except per share values)Retained
EarningsAccumulated
Other
Comprehensive
(Loss)
Balances March 31, 2026$1,596,938 $(47,682)
Net income86,194 — 
Foreign currency translation adjustments— (2,188)
Pension and post-retirement plan adjustments, net of tax benefit of $59
— 313 
Unrecognized gain on cash flow hedges (Note 17)— 110 

Reclassification from accumulated other comprehensive loss into net income (Note 7)— (33)

Common dividends ($0.54 per share)
(20,843)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances June 30, 2026$1,662,279 $(49,480)

Balances March 31, 2025$1,389,222 $(118,911)
Net income62,773 — 
Foreign currency translation adjustments— 44,143 
Pension and post-retirement plan adjustments, net of tax benefit of $150
— 242 

Common dividends ($0.53 per share)
(20,838)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances June 30, 2025$1,431,147 $(74,526)

Balances December 31, 2025$1,546,230 $(41,781)
Net income157,463 — 
Foreign currency translation adjustments— (8,262)
Pension and post-retirement plan adjustments, net of tax benefit of $103
— 641 
Unrecognized loss on cash flow hedges (Note 17)— (45)
Reclassification from accumulated other comprehensive loss into net income (Note 7)— (33)
Common dividends ($1.07 per share)
(41,394)— 
Preferred dividends ($1.125 per share)
(20)— 
Balances June 30, 2026$1,662,279 $(49,480)

Balances December 31, 2024$1,349,650 $(141,649)
Net income122,378 — 
Foreign currency translation adjustments— 66,680 
Pension and post-retirement plan adjustments, net of tax benefit of $341
— 443 

Common dividends ($1.04 per share)
(40,861)— 
Preferred dividends ($1.125 per share)
(20)— 
Balances June 30, 2025$1,431,147 $(74,526)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
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MSA SAFETY INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Unaudited

Note 1—Basis of Presentation
The condensed consolidated financial statements of MSA Safety Incorporated and its subsidiaries (“MSA” or “the Company”) are unaudited. These unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the Company's results. Intercompany accounts and transactions have been eliminated. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2025, Balance Sheet data was derived from the audited Consolidated Balance Sheets, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). This Form 10-Q report should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2025, which includes all disclosures required by U.S. GAAP. 
In the first quarter 2026, the Company early adopted Accounting Standards Update ("ASU") 2025‑06, Targeted Improvements to the Accounting for Internal-Use Software. The ASU updates guidance related to recognition and capitalization costs incurred to develop or obtain internal-use software, including certain cloud-based software arrangements, and clarifies related disclosure requirements. The company adopted the ASU prospectively as of January 1, 2026, in accordance with the transition provisions of the standard. Accordingly, amounts capitalized prior to the adoption date were not adjusted, and the new guidance applies only to qualifying costs incurred after adoption. Therefore, the adoption of the standard did not have an impact on the Company’s condensed consolidated financial statements for the six months ended June 30, 2026. 
Refer to Note 1 to the consolidated financial statements in Part II Item 8 of MSA's 2025 Form 10-K for a discussion of applicable standards issued and not yet adopted by the Company.

Note 2—Revenue Recognition
We are the global leader in advanced industrial safety technology products and solutions, and generate revenue primarily from manufacturing and selling a comprehensive line of safety products and solutions to protect the health and safety of workers and facility infrastructures around the world. Our customers generally fall into two categories: distributors and end-users. All customer categories have similar nature, timing, and uncertainty related to cash flows. As a result, the underlying principles of revenue recognition are identical for both categories of customers. 
We account for revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue from the sale of products and solutions is recognized when there is persuasive evidence of an arrangement and control passes to the customer, which generally occurs either when product is shipped to the customer or, in the case of certain customers, when product is delivered to the customer's site. We establish our shipping terms according to local practice and market characteristics. We do not ship product unless we have an order or other documentation authorizing shipment to our customers. Our payment terms vary by the type and location of our customer and the products and solutions offered; however, in most cases, the term between invoicing and when payment is due is not significant. 
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Amounts billed and due from our customers are classified as receivables on the unaudited Condensed Consolidated Balance Sheets. We make appropriate provisions for credit losses, which have historically been insignificant in relation to our net sales. Certain contracts with customers may have an element of variable consideration that is estimated when revenue is recognized under the contract. Variable consideration could include volume incentive rebates and performance guarantees. Rebates are based on achieving a certain level of purchases and other performance criteria that are documented in established distributor programs. These rebates are estimated based on projected sales to the customer and accrued as a reduction of net sales as they are earned by the customer. Sales, value added, and other taxes collected with revenue-producing activities and remitted to governmental authorities are excluded from revenue.

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Depending on the terms of the arrangement, we may defer revenue for which we have a future obligation, which may include leases where the Company is the lessor, training, extended warranty, software subscriptions, maintenance and technical services, until such time that the obligation has been satisfied. We use an observable price, or a cost plus margin approach when one is not available, to determine the stand-alone selling price for separate performance obligations. We have elected to recognize the cost for shipping and handling as an expense when control of the product has passed to the customer. These costs are included within the Cost of products sold line on the unaudited Condensed Consolidated Statements of Income. Amounts billed to customers for shipping and handling are included within the Net sales line on the unaudited Condensed Consolidated Statements of Income.
Performance Obligations
The Company recognizes revenue when performance obligations identified under the terms of the contract with its customers are satisfied, which generally occurs upon the transfer of control in accordance with the contractual terms and conditions of sale. For most contracts with customers, this results in point-in-time revenue recognition once contractual shipping terms are fulfilled. 
Disaggregation of Revenue
Refer to Note 9—Segment Information for disaggregation of revenue by segment and product category, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. 
Lessor Arrangements
The Company derives a portion of its revenue from various leasing contracts where the Company is the lessor, primarily managed fire service contracts. Such arrangements provide for recurring payments throughout the contract term. These payments cover equipment provided in addition to several services which include maintenance and interest.
Managed fire service contracts meet the criteria to be accounted for as sales-type leases. Under ASC 842, Leases, these contracts contain both lease and non-lease components. For a component to be separate, the customer would be able to benefit from the right of use of the component separately or with other resources readily available to the customer and the right of the use is not highly dependent or highly interrelated with the other rights to use the other underlying assets or components.
For managed fire service contracts, revenue from equipment provided is considered a lease component and recognized with point in time revenue recognition upon lease commencement. Upon the recognition of such revenue, an asset is established for the investment in sales-type leases. Maintenance revenue, which is considered a non-lease component, and interest are recognized monthly over the lease term. As of June 30, 2026, remaining maintenance performance obligations for managed fire service contracts were $24.3 million, which are expected to be recognized as revenue over the remaining contract lives which are primarily two years.
Lease revenues and interest earned by the Company, which are included in the unaudited Condensed Consolidated Statements of Income, were not material for the three month period ended June 30, 2026, or 2025. 
Practical Expedients and Exemptions 
We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. 
We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. 
We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses in our unaudited Condensed Consolidated Statements of Income.
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Note 3—Cash and Cash Equivalents
Several of the Company's subsidiaries participate in a notional cash pooling arrangement to manage global liquidity requirements. As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant. Under the terms of the master netting arrangement, the financial institution has the right, ability and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets. 
The Company's net cash pool position consisted of the following: 

(In thousands)June 30, 2026
Gross cash pool position$94,311 
Less: cash pool borrowings(90,287)
Net cash pool position$4,024 

Note 4—Restructuring Charges
During the three and six months ended June 30, 2026, we recorded $2.2 and $4.5 million of restructuring charges. Americas and International segments' restructuring charges of $1.3 million and $1.3 million, respectively, during the six months ended June 30, 2026, were primarily related to footprint optimization and other ongoing initiatives to right-size the organization in response to macroeconomic conditions. Corporate related restructuring charges of $1.9 million during the six months ended June 30, 2026, were relat